Condo Auction Does Better Than Expected

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ALEXANDRIA, VA-Seeking to unload the 30 remaining condos at the 378-unit Parkside at Alexandria complex, Mid-City Urban put them out for auction last week. The results were better than the Silver Spring, MD-based development firm had expected: the units, which started at $225,000 sold within the hour at prices ranging from $288,000 to $362,000.

The $225,000 represented a significant discount from recent market trades. According to Delta Assoc., the price set before the auction–approximately $204 per sf for the three-bedroom homes, and $212 per sf for the two-bedroom units–is less than half the current average per-square-foot price of new condos in the Arlington/Alexandria area.